CB Richard Ellis (CBRE) is planning to acquire the real estate business of Dutch bank and insurance group, ING Groep, Financial Times reports. ING Real Estate Investment Management, which has more than $100 billion under management, may be bought for a total of about $1.33 billion.
CBRE plans to merge the ING real estate business with its existing fund management platform, CBRE Investors. Other bidders for the unit include Vornado Realty Trust and Jones Lang LaSalle. CBRE is being advised by Bank of America Merrill Lynch, while Morgan Stanley is advising ING.
Click here for the story from Financial Times.
Click here for the additional coverage from Reuters.